TotalEnergies agreed to transfer a 40 percent stake in two offshore exploration blocks in Nigeria’s West Delta basin to Chevron. The deal, executed through a farmout agreement with Chevron’s subsidiary Star Deep Water Petroleum Limited, covers licenses PPL 2000 and PPL 2001. TotalEnergies keeps operatorship and a 40 percent interest, while South Atlantic Petroleum retains its 20 percent share.
The acreage spans about 2,000 square kilometres and was awarded to TotalEnergies and South Atlantic Petroleum during Nigeria’s 2024 licensing round. Both companies described the move as part of a broader strategy to expand joint exploration efforts. It follows TotalEnergies’ June acquisition of a 25 percent interest in Chevron-operated offshore blocks in the United States.
TotalEnergies said the partnership is intended to derisk exploration in a basin that has produced multiple discoveries. Chevron gains exposure to a proven petroleum system where it previously had limited presence. The agreement strengthens a growing collaboration between the two firms as they focus on selective, high-potential frontier assets.
South Atlantic Petroleum stands to benefit from the technical and financial capacity Chevron brings. Nigerian regulators are expected to review the transaction, consistent with requirements for local content and national interest. Approval could take several months.
